Statement from Algo Capital on the recent security breach
Contents
Statement from Algo Capital on the recent security breach
On September 26, 2019, former Algo Capital GP LLC (“Algo Capital”) Chief Technology Officer Pablo Yabo informed David Garcia and Arul Murugan, the Managing Partners of Algo Capital, that several wallets he administered had been compromised. The unfortunate incident resulted in a theft of $1.9 million — $1.5 million of which were held in wallets owned by an Algo Capital sponsored venture capital fund (the “Fund”), and the remainder of which were held in other Algo Capital wallets and Yabo’s personal wallet.
The Algo Capital team has prepared this report to provide more details of the security breach and the steps taken to mitigate further damage and remediate losses suffered by the Fund’s Limited Partners. Our goal is to openly communicate to the community at large and to positively contribute to ongoing and necessary conversations about security in our space.
Defining Algo Capital
Founded by …
On September 26, 2019, former Algo Capital GP LLC (“Algo Capital”) Chief Technology Officer Pablo Yabo informed David Garcia and Arul Murugan, the Managing Partners of Algo Capital, that several wallets he administered had been compromised. The unfortunate incident resulted in a theft of $1.9 million — $1.5 million of which were held in wallets owned by an Algo Capital sponsored venture capital fund (the “Fund”), and the remainder of which were held in other Algo Capital wallets and Yabo’s personal wallet.
The Algo Capital team has prepared this report to provide more details of the security breach and the steps taken to mitigate further damage and remediate losses suffered by the Fund’s Limited Partners. Our goal is to openly communicate to the community at large and to positively contribute to ongoing and necessary conversations about security in our space.
Defining Algo Capital
Founded by …